Explore to find

Successful exploration is one of the most cost-effective ways to add transformational resources to the Group. We find oil and gas through best-in-class geological expertise and geophysical prospecting technologies. We balance high-risk exploration campaigns in frontier areas that have material follow-up potential, with lower-risk appraisal and satellite drilling.

Platform on the Tchatamba field, offshore Gabon.

Acquire to grow

We have a strong track record of successfully acquiring assets and companies which complement and extend our portfolio, skill set and business opportunities. In building our portfolio we have acquired UK North Sea gas assets in 2001, and extensive African assets through the acquisition of Energy Africa in 2004 and Hardman Resources in 2007.

We create long-term shareholder value by pursuing a consistent strategy that seeks to deliver a balance between exploration, appraisal and development investment, funding from production and portfolio activities, and debt and equity financing. To do this successfully and sustainably, we must operate responsibly across the business and effectively manage and mitigate risk.

Develop to produce

First Oil from the Jubilee field demonstrates that one of our core strengths is the ability to turn resources into reserves and then into production revenue and cash flow to fund the business. We have the ability to both manage mature production operations and fast-track development of major projects, such as in Ghana. In recent years we have shifted our operating capability to a new level.

Dilute to re-invest

We continually review our portfolio of assets and we farm down selected exploration and production assets through strategic portfolio management when appropriate. This enables us to introduce new partners with complementary skills and also generates cash flow for re-investment during the development phase.

Production Operators on the Jubilee field FPSO, Ghana.

Drilling rig on the shores of Lake Albert, Uganda.

Total reserves and resources*

Oil

Gas

Working interest production

Oil

Gas

* Post completion of the farm-down transaction with CNOOC and Total in Uganda, total reserves and resources are expected to reduce to 869 mmboe.

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